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Citigroup is launching a European exchange traded fund platform to help third-party managers enter the rapidly growing sector.
The move by the third-largest US bank to create a “white label” platform threatens to shake-up a sector dominated by smaller specialist players, even after Goldman Sachs became the first big-name entrant to the platform sector when it launched its ETF Accelerator last year.
Citi Velocity ETFs will launch in the first quarter of 2025 with the aim of helping active asset managers enter the European ETF market, where actively managed funds are starting to make headway in an industry previously dominated by passive index-tracking vehicles.
“There is almost universal agreement that the mutual fund wrapper is in terminal decline and as a consequence there are a huge number of firms scrambling to think…
